Things For Intrapreneurs To Keep Ideas Alive

Hello folks! We move on to our 5th part of Intrapreneurs Week Series and today we talk about how to ensure Intrapreneur’s business idea doesn’t get lost amidst obstacles of the their operating environment.

Developing successful corporate entrepreneurship initiatives is particularly important because it offers organizations a strategy for profitable growth and serves as an attractive alternative to old, acquisition-led, inorganic growth strategies. But the challenges of achieving this can be daunting, especially for those in the entrepreneurial team itself. For example, it's one thing to recognize the importance of getting people to work for your cause; it’s a different story to execute your plan when you don’t have any positional authority or financial resources behind you.

wwww.digitalerra.com

Many corporate entrepreneurs have managed to thrive despite the challenges. Let’s look into the lessons drawn from the experiences of corporate entrepreneurs.

Focus on the present need: Don’t waste time drafting an exhaustive business plan before going public with the business idea. Before diving into cash-flow forecasts, validate others' interest in the idea with colleagues who could serve as potential recruits for the team, as well as with customers who express interest in new products or services.

Similarly, when pitching the idea to senior executives for the first time, hold off on presenting a multi-year investment plan. Instead talk mostly about short-term funding needs. The key question at this stage is: What is the minimum amount of support and resources that this project needs right now in order to reach the next level?

Align with corporate strategy: Some corporate entrepreneurs gain support when others don't because each time they present the idea they emphasize the new project’s alignment with company´s overall strategy.

What if the company´s strategy in a certain field is not clear or is about to change? Then keep your ears to the ground and listen to what the senior executives who will assess your project are saying.

Deliver performance metrics that matter: Intrapreneurs need to work on metrics that matter most to senior executives. Some of these criteria are expressed in numbers such as revenue growth objectives, profit margins, return on invested capital or market share.

Apart from these corporate mantras, do embrace these instincts:

You really need to research and understand your market before launching.

wwww.digitalerra.com

Entrepreneurs need to make decisions on a snap basis or the world will fly by.

Embrace this idea. Intrapreneurs have to continue to adapt to changing circumstances and to look out for and seize opportunities.

Once an idea/prototype becomes a success, Intrapreneurs will eventually become the building blocks of a company’s executive teams and leaders.

wwww.digitalerra.com